[308 Pages Report] The global composites market size is estimated to be USD 88 billion in 2021 and is expected to reach USD 126.3 billion by 2026, at a CAGR of 7.5% from 2021 to 2026. The composites market is growing because of the rise in the demand from wind energy, aerospace & defense, and automotive & transportation industries. However, owing to COVID-19, the sales of various industries has declined, resulting in reduced demand for composites.
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COVID-19 has negatively affected the demand for composites across the globe due to decrease in demand from various end-use industries. Aerospace & defense being one of the major consumer of composites has witnessed the most adverse and immediate consequences of the pandemic. The airline sector has faced the worst consequences due to the lockdown across international and domestic borders. This has impacted badly on the demand of composites.
It is important to contain the infection to minimize the negative impact on the economy. Countries have announced various steps to contain the virus spread, support consumer spending, and spur economic activities. China, the first county affected by COVID-19, has announced a USD 180 Billion financial stimulus package for epidemic prevention, production of medical equipment, insurance disbursement, and tax relief, among others. The government has also announced USD 430 billion liquidity infusions into the banking system to support micro and small industries. Reduction in repo and report rates are other measures taken to support the business activity in the country.
Manufacturing and non-recurring development costs continue to limit the penetration of composites in several applications such as sporting goods, marine, and consumer goods. Design consistency, process standardization, and maintenance technology are the major issues of concern. The lack of standardization of material and methodologies compels the manufacturers to consider conservative designs, which hampers the mass production and economic performance of automobiles and aircraft. In addition, limited human resources with training and experience in composites restrain broader applications of composites
Traditionally, the glass fiber and carbon fiber composites industry was concentrated in Japan, North America, and Europe. However, in recent years, there has been a significant shift toward the emerging economies in APAC and Rest of the World. For instance, the demand for glass fiber and carbon fiber composites in aerospace, wind energy, and transportation sectors has increased in the emerging economies, such as India, Brazil, and China, due to the strong demand for low-cost carriers. Countries, including China, have launched a number of research projects involving glass fiber and carbon fiber composites, and its rapid industrialization is likely to accommodate the increase in demand. Moreover, with the rapid economic growth and industrialization in the emerging nations, cyclic industries such as automotive, pipe and tanks, and construction and infrastructure are expected to grow rapidly, driving the demand for GFRP and CFRP. Further, for the upgradation, maintenance of existing infrastructure and the creation of new cities with water treatment facilities, the demand for composites in the construction & infrastructure industry as well as in pipes & tanks is expected to grow during the forecast period.
The high cost of composites has been an important point of concern associated with its increasing use in structural applications. The real potential of composites has not yet been realized owing to R&D costs, high manufacturing costs, and increased cycle times. Many applications of aerospace composites have been discovered, but due to high-cost constraints, commercialization of these applications is yet to get started. Owing to the high R&D costs, developing low-cost technologies is a major challenge for all the researchers and key manufacturers.
The saving in weight for a given level of strength makes the use of composites vital in the automotive & transportation industry. The automotive and rail sectors are focused on reducing weight and increasing the efficiency of vehicles and exploiting more advanced materials. Due to COVID-19, automobile manufacturers across the globe are facing several challenges. The US, Japan, South Korea, Italy, Germany, and the UK were the most affected countries, which are the major automotive & transportation manufacturing countries. The majority of the automobile manufacturers has witnessed a direct impact of the pandemic situation on their 2020 revenue.
Owing to its superior attributes, such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, glass fiber is used for different applications in the construction, wind energy, pipes & tanks, marine, and transportation industries. It is used in different applications, such as underbody systems, deck lids, front end modules, bumper beams, engine covers instrument panels, and air ducts in the transportation industry. The demand in for glass fiber-based composites has suffered a setback due to the outbreak of COVID-19 in the major glass fiber composite manufacturing countries- India and China.
Thermoset dominated the composites market in the resin type segment. Thermoset composites are very durable and low on maintenance because of their rigid inter-linking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack. However, due to COVID- 19, the demand for thermoset resins from wind energy, automotive & transportation, aerospace & defense, pipes & tanks, and other industries showed a decline.
Orientation of the fibers can be controlled as per the need, so that they can absorb maximum stress to which they are subjected. This method is popular among the manufacturers because it is a low-cost method and has advantages such as quick deposition of fiber & resin and ease of operation. The lay-up process is used for designing simple enclosures and lightly loaded structural panels usually. Aerospace & defense, construction & infrastructure, wind energy, and marine end-use industries have the maximum demand of this method. The lay-up process is further categorised into three types, namely, hand lay-up, tape lay-up, and spray lay-up. Hand lay-up is the most common and most cost effective used process for manufacturing composites. It is used in the production of large components such as wind turbine components, concrete forms, and aircraft radomes.
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APAC is the major consumer of composite owing to high demand from China, Japan, India, and other countries. Major end-use industries of composites in the APAC market include construction, automotive and transportation, aerospace & defense, and wind energy among others. Advancements in technology, regulatory policies, and government norms are some of the major factors driving the composites market in APAC. However, COVID-19 pandemic reduced the demand for composites in the region.
The key players in the global composites market are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites industry. The study includes an in-depth competitive analysis of these companies in the composites market, with their company profiles, recent developments, and key market strategies.
Market Size Value in 2021
USD 88.0 billion
Revenue Forecast in 2026
USD 126.3 billion
CAGR of 7.5% from 2021 to 2026
|Years considered for the study||2017–2026|
|Units considered||Value (USD Million), Volume (Kiloton|
|Segments||Fiber Type, Resin Type, Manufacturing Process, End-use Industry and Region|
|Regions||Europe, North America, APAC, MEA, and Latin America|
|Companies||Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium)|
This research report categorizes the composites market based on fiber type, resin type, manufacturing process, end-use industry, and region.
What are the factors influencing the growth of the composites tanks market?
The growing emerging applications of composites in various end-use industries
Which is the fastest-growing country-level market for composites?
China is the fastest-growing composites market due to high demand
What are the factors contributing to the final price of composites?
Raw material plays a vital role in the costs. The cost of these materials contributes largely to the final pricing of composites.
What are the challenges in the composites market?
Development of low-cost production technology is the major challenge in the composites market.
Which resin type of composites holds the largest market share?
Thermoplastic resin composites hold the largest share due to low cost and ease of manufacturing.
How is the composites market aligned?
The market is growing at a significant pace. It is a potential market and many manufactures are planning business strategies to expand their business.
Who are the major manufacturers?
Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan)
What are the fiber types for composites?
Glass fiber, carbon fiber, natural fiber are the major material types fibersused for composites
What are the major applications for composites?
The major applications for composites are aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, pipes & tanks, and marine.
What is the biggest restraint in the composites market?
Volatility in the prices. .
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TABLE OF CONTENT
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered in the Report
2 Research Methodology
2.1 Market Share Estimation
2.1.1 Secondary Data
184.108.40.206 Key Data from Secondary Sources
2.1.2 Primary Data
220.127.116.11 Key Data from Primary Sources
18.104.22.168 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Significant Opportunities in Composites Market, 2022–2027
4.2 Composites Market, By Fiber Type
4.3 Composites Market, By Resin Type
4.4 Composites Market, By Manufacturing Process
4.5 Composites Market, By End-use Industry
4.6 Composites Market, By Country
5 Market Overview
5.2 Market Dynamics
5.3 Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitutes
5.4.5 Degree of Competition
5.4 Supply Chain Analysis
5.5 Ecosystem: Composites Market
5.6 Value Chain Analysis
5.7 Raw Material Analysis
5.8 Pricing Analysis
5.9 Trends and Disruptions Impacting Customers
6 Composites Market, By Fiber Type
6.1 Glass Fiber Composites
6.2 Carbon Fiber Composites
7 Composites Market, By Resin Type
7.1 Thermoset Composites
7.2 Thermoplastic Composites
8 Composites Market, By Manufacturing Process
8.1 Lay-up Process
8.2 Filament Winding Process
8.3 Injection Molding Process
8.4 Pultrusion Process
8.5 Compression Molding Process
8.6 Resin Transfer Molding (RTM) Process
9 Composites Market, By End-use Industry
9.1 Aerospace & Defense
9.2 Wind Energy
9.3 Automotive & Transportation
9.4 Construction & Infrastructure
9.5 Pipes & Tanks
9.7 Electrical & Electronics
10 Composites Market, By Region
10.2 North America
10.2.1 Composites Market Size in North America, By End-Use Industry
10.2.2 Composites Market Size in North America, By Country
10.2.2.1.1 Composites Market Size in Canada, By End-Use Industry
10.2.2.2.1 Composites Market Size in U.S., By End-Use Industry
10.3.1 Composites Market Size in Europe, By End-Use Industry
10.3.2 Composites Market Size in Europe, By Country
10.3.2.1.1 Composites Market Size in Germany, By End-Use Industry
10.3.2.2.1 Composites Market Size in France, By End-Use Industry
10.3.2.3.1 Composites Market Size in UK, By End-Use Industry
10.3.2.4.1 Composites Market Size in Russia, By End-Use Industry
10.3.2.5.1 Composites Market Size in Italy, By End-Use Industry
10.3.2.6 Rest of Europe
10.3.2.6.1 Composites Market Size in Rest of Europe, By End-Use Industry
10.4.1 Composites Market Size in Asia-Pacific, By End-Use Industry
10.4.2 Composites Market Size in Asia-Pacific, By Country
10.4.2.1.1 Composites Market Size in China, By End-Use Industry
10.4.4.2.1 Composites Market Size in Japan, By End-Use Industry
10.4.2.3.1 Composites Market Size in India, By End-Use Industry
10.4.2.4 South Korea
10.4.2.4.1 Composites Market Size in South Korea, By End-Use Industry
10.4.2.5 Rest of Asia Pacific
10.4.2.5.1 Composites Market Size in Rest of Asia Pacific, By End-Use Industry
10.5 Latin America
10.5.1 Composites Market Size in Latin America, By End-Use Industry
10.5.2 Composites Market Size in Latin America, By Country
10.5.2.1.1 Composites Market Size in Brazil, By End-Use Industry
10.5.2.2.1 Composites Market Size in Mexico, By End-Use Industry
10.5.2.3 Rest of Latin America
10.5.2.3.1 Composites Market Size in Latin America, By End-Use Industry
10.6 Middle East & Africa
10.6.1 Composites Market Size in Middle East & Africa, By End-Use Industry
10.6.2 Composites Market Size in Middle East & Africa, By Country
10.6.2.1 Saudi Arabia
10.6.2.1.1 Composites Market Size in Saudi Arabia, By End-Use Industry
10.6.2.2 South Africa
10.6.2.2.1 Composites Market Size in South Africa, By End-Use Industry
10.6.2.3 Rest of Middle East & Africa
10.6.2.3.1 Composites Market Size in Rest of Middle East & Africa, By End-Use Industry
11 Competitive Landscape
11.2 Market Share Analysis
11.4 Market Evaluation Framework
11.4.1 Product Launches and Developments
11.4.3 Contracts and Agreements
11.4.4 Mergers & Acquisitions
11.5 Revenue Analysis of Top Market Players
11.6 Company Evaluation Matrix
11.6.2 Emerging Leaders
12 Company Profiles
* (Business Overview, Products Mix, Recent Developments, SWOT Analysis, MnM view)
12.1 Owens Corning
12.2 Toray Industries, Inc.
12.3 Mitsubishi Chemical Holdings Corporation
12.4 Solvay S.A.
12.5 Teijin Limited
12.6 SGL Carbon SE
12.7 Hexcel Corporation
12.8 Nippon Electric Glass Co., Ltd.
12.9 Huntsman International LLC
12.11 Other Companies
*Details Might Not Be Captured in Case of Unlisted Companies.
Note: This is the tentative list, we will provide you the company profiles of major companies in this market.
The study involved two major activities in estimating the current size of the composites market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to determine the extent of market segments and sub-segments.
In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva were referred to, to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, trade directories, and databases.
The composites market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of mainly the transportation, wind energy, aerospace & defense, construction & infrastructure end-use industries. Advancements in technology and diverse applications in various end-use industries describe the supply side. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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Both the top-down and bottom-up approaches were used to estimate and validate the total composites market. These methods were also used extensively to determine the size of various sub-segments in the market. The research methodology used to estimate the market size included the following:
After arriving at the overall composites market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, mainly from the automotive & transportation, wind energy, aerospace & defense, construction & infrastructure end-use industries.
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